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Putin said it was necessary to reduce oil production to 10 million barrels

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President Vladimir Putin on Friday, April 3, during a meeting on the situation on the world energy markets, noted that it is necessary to reduce oil production to 10 million barrels per day. The transcript of the meeting is available on the Kremlin’s website.

The President is confident that it is now important to combine efforts to balance the market and reduce production as a result of coordinated actions.

“According to preliminary estimates, I think we may be talking about a reduction of about 10 million barrels per day, a little less, maybe a little more,” Putin said.

He stressed that everything should happen on a partnership basis.

“Our partners understand that we may be talking about a reduction from the level of production that was formed before the crisis, that is, we are talking about the level of production in the first quarter of this year,” the Russian leader added.

In addition, during this meeting, Putin acknowledged that the situation in the global energy markets is complex and the coronavirus has become one of the factors that has affected the decline in demand for resources.

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In turn, energy Minister Alexander Novak warned of the possibility of further decline in oil prices.

Press Secretary of the Russian President Dmitry Peskov said that Putin discussed the situation on the world energy markets with members of the Russian security Council. However, there were no details or comments from the participants of this meeting.

The collapse in oil prices occurred on March 9, after it became known about the termination of the OPEC + deal, which involves reducing oil production by participating countries in the agreement.

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